23A Your Venture’s Unfair Advantage

Resource List

1.)    Motivated Owner

V: This resource is very valuable because with a motivated owner you know they are going to do anything to succeed

R: This isn’t very rare; most owners are motivated to make their business successful

I: It’s pretty inimitable, the only significant difference is how the owner decides to run their business

N: This is non-substitutable, only I have the information and knowledge to appropriately run this business

2.)    Restaurant/Food industry experience

V: This is extremely valuable. The knowledge of this industry will make the initial steps of starting the business much easier as well as the continued success as the business down the line.

R: This isn’t very rare, There are a lot of people who have food industry experience out there. Some who even have more experience than me.

I: My personal experiences within the food industry cannot be inimitable. They don’t have the same experiences than me.

N: This is non-substitutable as well for the same reasons listed above.

3.)    Large market for potential customers

V: There is a lot of value in having a large market and a lot of potential customers within a small radius around the city of Gainesville.

R: This is kind of rare, the market for certain foods can be bigger but the food I am wanting to make plays itself well to a large majority of the population

I: This isn’t really something that can be inimitable but can be utilized by multiple entities

N: This is non-substitutable because if I didn’t have this large market of customers my business would have a higher probability of failing.

4.)    Have a decent amount of Capital to open and sustain for a few months

V: The value of having a surplus of money in the bank for this business is very important

R: This is not rare because there is a lot of people that could be more funded financially than me.

I: This can easily be copied by someone else who has more funds than I do.

N: There are no other resources that can substitute this resource.

5.)    Partnerships with other local food trucks

V: The value of having partnerships with other trucks is important for both of our businesses. This will draw more customers to each of our trucks and allow both of us to make more money.

R: This isn’t a rare practice in the food truck industry. This “co-op” style of business it very common.

I: Because this is so common in the industry the ability for it to be copied is very high as well.

N: This can be substituted but the results from another resource may or may not be as good depending on the trucks you decide to partner with.

6.)    Lots of potential employees in the area looking for work

V: Having a large potential workforce of ambitious college students and culinary arts majors can both help the local community grow and also give me employees that are as motivated as me.

R: This is kind of rare because not every location has this resource in a close area to their main business but that doesn’t mean they can’t get labor from other avenues as well.

I: This method of employment can very easily be copied because there are thousands of colleges around the country and they could all have businesses like mine within the city limits of each of them.

N: This can be substituted but the results of the other resources might not be as profitable for me in the end.

7.)    Fresh Organic Produce

V: The value of this is important because If the customer knows they are getting a high-quality product then they will be more willing to purchase it than the other options that might not be as good.

R: The rarity of this resource is pretty low considering business are starting to lean more toward these types of products as customers continue to become more aware of the food they are putting in their body.

I: This addition of organic local products is not a new idea and can be very easily copied.

N: Yes there is a substitute available but that would go against one of the businesses main core competencies of providing the best ingredients to our customers

8.)    Clear organizational control and responsibilities

V: This doesn’t have as much monetary value as the other items on this list but this resource will take care of a lot of internal problems within the business when they arise.

R: This isn’t rare but it is necessary if you want to have a business that lasts and continues to be successful.

I: This is very inimitable and easily copied by a lot of the major business operations around the world.

N: There is no real substitute for this because if there was no structure in place for the operations of the business then the likelihood of the business failing would be much greater.

9.)    New and innovative food option for the area

V: Having this new and innovative idea around the food industry here in Gainesville is huge especially if you are the first one to introduce it to the masses of this area.

R: Usually this is not a rare trait because every business is looking for that signature trait or product that makes them different than the rest of the competition.

I: These recipes and innovations are not very inimitable because they are my own creation and they have secret ingredients that will not be disclosed making it very hard to replicate the recipe.

N: The is no substitute for this resource because this is one of the core competencies of the business because we always want to be on the cutting edge of new and exciting food options for the city of Gainesville.

10.)  Affordable prices in venues that don’t offer that option.

V: This is valuable to the business not for the monetary value that this provides but it is one of the core competencies of the business to provide customers with an affordable option at sports games and other outdoor venues.

R: This is rare because many companies will put the monetary gains of the business in front of this resource because they have the goal of making money rather than providing a service to a group of people.

I: This idea is inimitable but probably not as good for business as it seems. If someone attempts to go under my price point then they may be risking the integrity of their business. Because the price points getting any lower than mine would require cutbacks in areas that would probably make the quality of the product less than mine.

N: There is no substitute for this resource because this is one falls in line with one of the major core competencies that this business was built on.

Summary of VRIN Analysis and Top Resource

After conducting all the VRIN analysis reports on all the resources for my business, I have determined that the innovative food options that I offer are the most important resource that my business has. Without these innovative options by business is very similar to any other food truck business around the country. They provide customers with affordable food options at outdoor events around the world but the secret sauce of my business is the innovations and recipes that I have created for this food truck.